Forex Trading South Africa
Welcome to Forex Trading South Africa. In this article we wish to provide you with all the necessary information you will need to know to be a Forex trader and to up your game doing Forex trading South Africa. So Forex trading has taken the world by storm as a leader in online trading. South Africa is no exception, fact is that many may not know, but in terms of online trading people in S.A show a major interest and many are doing quite well. So let me just advise you up front that Forex is NOT a get rich quick scheme and as with all financial market trading it is risky (So don't be fooled by advertisements that promise otherwise). It takes time and effort to learn and earn money doing this. So carefully evaluate yourself and your goals before investing your money.
Forex Trading South Africa Contents
What is Forex
South African Forex Brokers and Education
1) What is Forex?
So this is a market where currencies are traded also known as FX market. These currencies have to be exchanged in order to do international business and foreign trade so its very important. So this creates a need and that need is what makes Forex the largest liquid financial market in the world. Back in 2012 the Bank for international settlements reported that the Forex market average trade volume was in excess of $4.9 trillion USD per a day.
Foreign exchange is the most actively traded and liquid financial market in the world, trading more than $4 trillion daily. It offers everyday traders significant potential to increase their personal wealth. Forex, unlike any other financial market, is not exchange traded which enables investors to respond to fluctuations in currency prices as they occur - at any time, day or night.
Forex trading is done electronically and is available 24 hours a day and 7 days a week. Making it very convenient for traders around the globe.
The three ways in which to trade Forex are the spot market, futures market and forwards market.
The spot market are where currencies are bought and sold based on the current price. So that price is determined by factors such as: supply and demand, interest rates, economic state and such.
The futures and forwards market are different as they do not trade on the actual currency, instead they deal in a contract which stands as a claim to whichever currency type, a price per unit and date of settlement for the future.
2) South African Forex Brokers and Education
So South African based Forex providers such as Global Trader (FSB License No. 22588) and Standard Bank’s Standard FX Trade all offer free training, free access to the platforms, free research and free chart software. So we highly suggest people looking for Forex trading South Africa to visit those two Forex brokers and read up and make use of the learning material available (They offer everything you need). Gain all the Forex knowledge you can and practice on a demo account to hone your skills and evaluate yourself. If you are comfortable. Also only then invest and open a live account to start your Forex trading south Africa journey.
Now, The Foreign Exchange Market or Forex or Currency Market are simply platforms where currencies are traded against each other. Operational 24 hours a day so opportunities are constantly available. Daily average turnover is $5.3 trillion dollars, making Forex the most liquid market on the planet. With the right strategies money can be made when the market is rising or falling.
Something to Keep in mind...
Forex is no easy task. However not all that difficult. One must have discipline and patience as a trait. Be able to deal with stress and the realization that Forex trading is high risk and capital can be lost. Mistakes will literally cost you. Its takes time to develop skill in reading the markets and obtaining a good method. So take the time to learn and then dive in.
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